Accordia Golf's DPU 9.6% below forecast on weaker yen

Singapore

IN its maiden earnings release since its initial public offering, Accordia Golf Trust (AGT) posted a distribution per unit (DPU) of 3.91 Singapore cents for the period from Aug 1 to Dec 31, 2014. This was 9.6 per cent lower than its forecast of 4.32 Singapore cents due to the weakening Japanese yen.

Distributable income of 3.9 billion yen (S$44 million) exceeded its forecast by one per cent, buoyed by an increase in non-recurring cash flows.

Operating profit of 5.2 billion yen was 3.6 per cent below forecast, while the operating income of 23.6 billion yen was 0.9 per cent lower than the initial forecast "due mainly to the unusual weather conditions", with typhoons hitting Japan in the autumn of 2014 and…